Unemployment rate

Why is this important?

The unemployment rate represents the number unemployed as a percent of the civilian labor force. The unemployment rate is a closely watched economic indicator as it is a key indicator of labor market performance. As the U.S. Bureau of Labor Statistics notes, when workers are unemployed, not only do their families lose wages, the city as a whole loses its contribution to the economy in terms of the goods or services that could have been produced. Unemployed workers also lose their purchasing power, which can lead to unemployment for other workers, creating a cascading effect that ripples through the economy.

Performance Analysis

The unemployment rate has been decreasing since 2010. November 2016 reported an unemployment rate of 3.5 percent, the lowest rate reported from January 1991-December 2016. City employers continue to boost the diverse Fort Worth economy by adding jobs in a variety of industries, providing workers with a wide range of job opportunities. In January 2017 The Perryman Group reported that the Fort Worth-Arlington MD is projected to add almost 112,900 net new jobs, representing 2.08 percent per annum growth and total employment of nearly 1.2 million in 2021.